What you need know about travel insurance

By BankBazaar.com | May 20, 2010

With the increasing competition between insurance companies, the procedure for making claims has become very easy. Generally, you need to call up a toll free number of the insurance service provider and register your claim. You will be advised on the documents that would be needed to be submitted to process your claim. A Third Party Administrator (TPA) would then validate your documents and will process your claim.

With global travel becoming easier and airlines slashing prices, anyone who ever wanted to travel can easily do that today. However, when you travel abroad, what can give you protection against any accident or illness? Something that can help in such a situation is Travel Insurance.

What is Travel Insurance?

Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in non-refundable pre-payments) and other losses incurred while travelling, either within one’s own country, or internationally. For example, Travel Insurance covers:

  • Trip Cancellation/Interruption
  • Medical emergency
  • Events like delay or missed departure
  • Delayed arrival or Loss of baggage
  • Passport loss and legal expenses

and much more.

Who is eligible to avail this insurance?

Whether you are a first time flyer or a frequent flyer and are going on single trip or multiple, travel insurance can be taken by anyone. The type of traveller does not have any impact on anyone opting fro travel insurance.

What is covered by Travel Insurance?

The most common risks that are covered by travel insurance are:

  • Medical expenses
  • Emergency evacuation/repatriation
  • Overseas funeral expenses
  • Accidental death, injury or disablement benefit
  • Cancellation
  • Curtailment
  • Delayed departure
  • Loss, theft or damage to personal possessions and money (including travel documents)
  • Delayed baggage (and emergency replacement of essential items)
  • Legal assistance
  • Personal liability and rental car damage excess

What is excluded in the coverage?

Medical expenses arising out of:

  • Pre-existing conditions except in case of life-threatening situations
  • Addiction to alcohol, drugs
  • Mental disorder, anxiety, depression
  • Venereal diseases
  • Sexually transmitted diseases, AIDS, HIV
  • Radiation, nuclear weapons induced
  • Sporting activities
  • Loss of passport in public place
  • Expenses arising out of loss of valuables, money, securities, and tickets

What is the premium for Travel Insurance?

The premium for travel insurance depends on which part of the world you are travelling to and the duration of your stay. Generally, the premium for travelling to the US and Canada is different from travelling to the rest of the world.

How do you make claims for the reimbursement of expenses covered by the insurance?

With the increasing competition between insurance companies, the procedure for making claims has become very easy. Generally, you need to call up a toll free number of the insurance service provider and register your claim. You will be advised on the documents that would be needed to be submitted to process your claim. A Third Party Administrator (TPA) would then validate your documents and will process your claim.

Tips on buying Travel Insurance

Do not buy travel insurance only till the last day of your trip. An emergency might occur at the last moment and it is better to be prepared for such eventualities.

When comparing travel insurance products, ensure that you not only compare the prices, but also the benefits, exclusions etc.

Check availability of different covers – terrorism cover, hijack distress allowance – apart from the normal coverage provided by travel insurance.

Remember, to always read the policy document carefully and get your doubts clarified.

With the boom in the travel industry and airline offering cheaper airfares, foreign and domestic travel is gaining momentum. At such a time, due to its benefits, travel insurance is also gaining popularity. More and more people are opting for travel insurance.

Travel Insurance

With global travel becoming easier and airlines slashing prices, anyone who ever wanted to travel can easily do that today. However, when you travel abroad, what can give you protection against any accident or illness? Something that can help in such a situation is Travel Insurance.

What is Travel Insurance?

Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in non-refundable pre-payments) and other losses incurred while travelling, either within one’s own country, or internationally. For example, Travel Insurance covers:

  • Trip Cancellation/Interruption
  • Medical emergency
  • Events like delay or missed departure
  • Delayed arrival or Loss of baggage
  • Passport loss and legal expenses

and much more.

Who is eligible to avail this insurance?

Whether you are a first time flyer or a frequent flyer and are going on single trip or multiple, travel insurance can be taken by anyone. The type of traveller does not have any impact on anyone opting fro travel insurance.

What is covered by Travel Insurance?

The most common risks that are covered by travel insurance are:

  • Medical expenses
  • Emergency evacuation/repatriation
  • Overseas funeral expenses
  • Accidental death, injury or disablement benefit
  • Cancellation
  • Curtailment
  • Delayed departure
  • Loss, theft or damage to personal possessions and money (including travel documents)
  • Delayed baggage (and emergency replacement of essential items)
  • Legal assistance
  • Personal liability and rental car damage excess

What is excluded in the coverage?

Medical expenses arising out of:

  • Pre-existing conditions except in case of life-threatening situations
  • Addiction to alcohol, drugs
  • Mental disorder, anxiety, depression
  • Venereal diseases
  • Sexually transmitted diseases, AIDS, HIV
  • Radiation, nuclear weapons induced
  • Sporting activities
  • Loss of passport in public place
  • Expenses arising out of loss of valuables, money, securities, and tickets

What is the premium for Travel Insurance?

The premium for travel insurance depends on which part of the world you are travelling to and the duration of your stay. Generally, the premium for travelling to the US and Canada is different from travelling to the rest of the world.

How do you make claims for the reimbursement of expenses covered by the insurance?

With the increasing competition between insurance companies, the procedure for making claims has become very easy. Generally, you need to call up a toll free number of the insurance service provider and register your claim. You will be advised on the documents that would be needed to be submitted to process your claim. A Third Party Administrator (TPA) would then validate your documents and will process your claim.

Tips on buying Travel Insurance

Do not buy travel insurance only till the last day of your trip. An emergency might occur at the last moment and it is better to be prepared for such eventualities.

When comparing travel insurance products, ensure that you not only compare the prices, but also the benefits, exclusions etc.

Check availability of different covers – terrorism cover, hijack distress allowance – apart from the normal coverage provided by travel insurance.

Remember, to always read the policy document carefully and get your doubts clarified.

With the boom in the travel industry and airline offering cheaper airfares, foreign and domestic travel is gaining momentum. At such a time, due to its benefits, travel insurance is also gaining popularity. More and more people are opting for travel insurance.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

2 thoughts on “What you need know about travel insurance

  1. Padmanabhan

    You forgot to include cashless travel insurance. Also medical examination for the seniors. Again it was not mentioned for how long a travel insurance could be taken and what the formalities are for extending the period of validity of the insurance.For seniors the amount for which coverage is given for countries like USA and Canada is less around $50000 only for 70+ years age.Is this insurance available to NRIs who frequent between India and other countries?
    Payment by credit cards and EMI payment facility is not mentioned.Finally are there any restrictions on age beyond which travel insurance cannot be obtained be it at reasonable rates or at high rates? If these are also included the article would be comprehensive information to traveling public. Commendable effort.

    Reply
    1. k sagar

      Please advise which insurance companies in India do offer cashless travel insurances without the patient having been admitted overnight in the hospital …

      Reply

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